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BASIC TERMINOLOGIES OF ACCOUNTANCY

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BASIC TERMINOLOGIES OF ACCOUNTANCY

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BASIC TERMINOLOGIES OF ACCOUNTANCY

Are you new to the commerce world? Do the terms of accountancy confuse you? Do you also think that these terms and facts are supposed to be known to only commerce stream students? 

 

Whether you are from a commerce stream or not, knowing some basic terms of accountancy will help you have a healthy financial conversation with anybody who is dealing in finance or talking about finance.

 

So, here is some terminology of accountancy that you must know,

 

Capital- The amount invested in the business is called capital 

 Long-term capital- Capital that is required to run the business for a long period.

Working capital- Capital required for the day-to-day activity of the business. To run the business smoothly it is much needed in the business.

 Debit and credit- When transactions are recorded in the books of accounts it is done using the debit and credit column of the books of accounts. The transaction gets debit when it results in an increase in assets or expenses or a decrease in a liability or when the party involved in the transactionreceives something from the business, on the other hand, the transaction getscredit when it results in a decrease in assets or expenses or an increase in a liability or when the party involved in the transaction gives or provides something to the business. 

 Assets- All the things that a business owns are called assets like fixed assets- land building, plant machinery, furniture, and intangible assets- trademark, patent, goodwill and copyright, any currentassets like stock, inventories, cash.

 Liability- A financial obligation of the business. The amount that a firm owes to outsiders except to its owners. 

 Cash credit- Cash credit is the short-term source of finance that is basically provided to businesses to meet their short-term credit requirement. It is a facility provided to the business by the bank to withdraw the amount from the bank account without having a credit balance.

Overdraft - It is a facility provided by the bank to its customer to withdraw the amount from the bank account in excess of the amount available in the bank account, purpose can be for personal work or for business.

 Goods-  Things that businesses purchased for resale or to produce the products meant to be sold. 

 Accounts payable- It is the amount payable to the supplier of goods or services in the course of business.

 Accounts receivable- It is the amount receivable on account of the sale of goods or services. 

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BASIC TERMINOLOGIES OF ACCOUNTANCY

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UPSC RRB SSC IBPS CTET UGC NET KVS NVS LIC Online Exam COVID Crisis CBSE CBSE Board CBSE Class 10 CBSE Class 12 Boards Result Class 10 Result Class 12 Result OLE Online Education Board Exams Skills World Youth Skills Day Online Learning Education ICSE Time Management CBSE New Assessment CBSE Class 9 CBSE Exams CBSE News News CBSE Board Exam Tokyo Olympics Tokyo Olympic Games Tokyo Olympics 2020 Olympic Games 2020 Tokyo Olympic Tokyo 2020 eRaksha e-rakhsha erakhsha2021 Cyber Peace Cyber Security Safe Internet Internet Security e-Raksha Competition e-Raksha Competition 2021 Online Classes Cyber Crime e-raksha essay e-Raksha Drawing PET UPSSSC UPSSSC Exams PET Exams Preliminary Eligibility Test Competitive Exams Taj Mahal Symmetrical Symmetry Do you know Did your know Taj mahal Mathematics Math OLExpert Online Learning Online Class Ole Accountancy Accounts Online Classes Basic Terminologies of accountancy OLExperts OLEXpert Class 9 Class 11 Class 12 Class 10 Commerce Online classes Free Accounts Class NCERT Online Learning with Experts English English Language English English Speaking English Dictionaries Online Learning with Expert OLE Education NCERt Entrepreneurs Business Expert Hindi Diwas Hindi Diwas 2021 Hindi Hindi Language Mother Tongue National Language Dual of Lights Nature of Lights Light Source of Energy Newton Huygen Law of Light Dual nature of light Physics Science Learn Science Nicola Tesla Nicola Tesla Struggle Nicola Tesla Inventions Tesla Biographies IBPS IBPS Clerk IIT-JEE 2022 kvpy NDA NEET olympiad NTSE Examination pattern SSC Stenographer SSC SSC selection Post SSC SSC MTS SSC CPO SBI SBI SO SBI PO SBICLERK IBPS SO Police Delhi police state police LEKHPAL VDO UPPET 2022 IBPSPO IBPSPO2022 IBPSPO_XII IBPSPO_EXAMS UPPCL UPPCL Executive Assistant UPEXAM SSCCHSL SSCCHSLResult SSCCPOSI SI Delhi Police IBPS_ClerkXII_Pre ibpsclerk2022 ssc Stenographer C & D SSC Stenographer C & D Exam 2022 upforestguard ibps ibps clerk ibps clerk result SBI PO 2022 sbi sbi clerk sbi clerk2022 SSC CGL CGL2022 SSCCGL UPSSSC PET UPPET pet 2022 pet 2022 shift 1 paper pet 2022 shift 1 exam analysis pet 2022 shift 1 answer key UPSSSCPET UPSSSCPET2022 SSC GD Constable Notification 2022 ssc exams ssc.nic.in ssc GD Latest Updates UPSSSC Junior Assistant Notification 2022 UPSSSC Junior Assistant 2022 UPSSSC UPSSSC Junior Assistant Main Examination allahabad high court recruitment allahabad high court vacancy 2022 allahabad high court group c salary allahabad high court group d salary ssc chsl ssc chsl 2022 chsl notifications 2022 nda notification 2023 nda syllabus 2023 nda application form 2023 ssc mts notification 2023 ssc mts 2023 ssc mts exam pattern CDS 2023 CDS Syllabus UPSC CDS Syllabus 2023 LIC AAO Notification 2023 lic aao syllabus lic aao exam pattern 2023 ssc cgl result 2022 tier 1 cut off ssc cgl tier 1 result 2023 ssc cgl tier 1 result 2023 pdf How to apply for Indian Coast Guard Navik GD & DB Recruitment 2023 Indian Coast Guard Navik GD & DB syllabus and exam pattern Indian Coast Guard Navik GD & DB Exam Date 2023 Indian Coast Guard Navik GD & DB salary

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